Stock Market & Financial Investment News

Incyte price target raised to $85 from $65 at ArgusArgus increased its price target on Incyte (INCY) after the company in February announced a clinical trial collaboration agreement with Merck (MRK) on Incyte's oral indoleamine dioxygenase-1 (IDO1) inhibitor, INCB24360, and on March 7 announced that its Jakafi drug had met its primary endpoint in a Phase III trial. The firm keeps a Buy rating on the stock.

Incyte to sponsor U.S. polycythemia vera studyIncyte announced that it is sponsoring the first major observational study of patients living with polycythemia vera in the U.S. PV is a rare and progressive blood cancer that can lead to debilitating symptoms, serious cardiovascular complications, and death.The REVEAL study will seek to describe the real-world clinical burden of PV and how healthcare services are utilized in the management of this disease. Incyte is partnering with approximately 200 community and academic medical centers to conduct the study in the U.S. REVEAL, which recently began enrolling patients, is expected to include 2,000 patients under the supervision of a physician for the active management of PV for a period of three years.

NGM Biopharmaceuticals to hold a teleconferenceNGM Biopharm discusses the strategic collaboration with Merck to discover, develop and commercialize novel biologic therapeutics on a teleconference to be held on February 23 at 9:30 am. Webcast Link

Incyte price target raised to $89 from $75 at OppenheimerOppenheimer increased its price target on Incyte after the company reported that sales of its flagship Jakafi drug had jumped 46% year-over-year in Q4. The firm continues to be upbeat on Jakafi's revenue outlook and the company's pipeline. It keeps an Outperform rating on the shares.

Merck, NGM Biopharmaceuticals announce multi-year collaborationNGM Biopharmaceuticals and Merck announced they have entered into a multi-year collaboration to research, discover, develop and commercialize novel biologic therapies across a wide range of therapeutic areas. This agreement will become effective upon the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The collaboration includes multiple drug candidates currently in preclinical development at NGM, including NP201, which is being evaluated for the treatment of diabetes, obesity and nonalcoholic steatohepatitis. NGM will lead the research and development of the existing preclinical candidates and have the autonomy to identify and pursue other discovery stage programs at its discretion. Merck will have the option to license all resulting NGM programs following human proof of concept trials. If Merck exercises this option, Merck will lead global product development and commercialization for the resulting products, if approved. Under the terms of the agreement, Merck will make an upfront payment to NGM of $94M and will purchase a 15 percent equity stake in NGM for $106M at a price per share that represents a 20% premium to NGM’s most recent financing. Merck will commit up to $250M to fund all of NGM’s efforts under the initial five-year term of the collaboration, with the potential for additional funding if certain conditions are met. Prior to Merck initiating a Phase 3 study for a licensed program, NGM may elect to either receive milestone and royalty payments or, in certain cases, to co-fund development and participate in a global cost and revenue share arrangement of up to 50%. The agreement also provides NGM with the option to participate in the co-promotion of any co-funded program in the United States. Merck will have the option to extend the research agreement for two additional two-year terms.

NewLink reports clinical development milestone achieved with Merck for rVSV-EBOVNewLink Genetics (NLNK) announced that it had received notification from Merck (MRK) that the milestone event specified in the license and collaboration agreement between the two companies relating to the further development of the rVSV-EBOV, Ebola, vaccine candidate had been achieved. Under the terms of the agreement, NewLink Genetics will receive a payment of $20M in connection with the achievement of the milestone. The milestone pertains to the initiation of a key clinical trial for the vaccine.

Incyte price target raised to $90 from $80 at LeerinkLeerink raised its price target for Incyte shares to $90 citing the company's growing oncology pipeline following its Q4 results. The firm keeps an Outperform rating on the name.